With two new facilities on the horizon, Richmond’s senior living market is continuing to heat up.
An out-of-town development firm is planting roots in Henrico County with a 118-bed assisted living facility on land owned by the New Bridge Baptist Church.
Ohio-based Antioch Plan Developers was founded three years ago by President and CEO Stephen Bolt. The company works across the country to erect assisted living facilities on excess land owned by churches to serve a growing senior population and provide the church with an additional revenue stream.
The 91,000-square-foot facility is to be constructed on 8 of the 63 acres that New Bridge Baptist owns at 5701 Elko Road, where its church is located. The project should cost just under $20 million.
“We ask the church to do what the church does best, which is to minister, and that’s all,” Bolt said. “We provide the financing with no liability to the church.”
Maryland-based Woodbine Senior Living will operate the completed facility, Denver-based Lantz-Boggio Architects is designing the project and Detroit-based O’Brien Construction is the general contractor.
Construction should start around November and the facility will likely open a little over a year later. It will include a memory care and independent living wing.
Antioch is currently working on 12 projects across the country in Michigan, North Carolina, Tennessee, Texas and New York, Bolt said, as well as another facility in Fredericksburg. None have been completed, but seven are expected to be finished between June and November of this year.
“It’s sad that in America, and even in the Christian community, we tend to marginalize seniors,” Bolt said. “We believe there is a tremendous opportunity that the Christian community can take advantage of and help seniors have fulfilling twilight years.”
Memory Care Centers of America, a joint venture between two Atlanta-based companies, Landbridge Development and RHA Health Services, should start construction on a 50-bed assisted living specialty facility for individuals with Alzheimer’s disease and dementia.
The 33,100-square-foot building will sit on 7 acres along Watkins Centre Parkway in the 640-acre Watkins Centre development, just across from the Bon Secours St. Francis Watkins Centre, a free-standing emergency room.
The project comes with an $11 million price tag, according to Landbridge principal Gary Hammond.
Memory Care Centers of America is a new venture for RHA and Landbridge. The company only has two other facilities going up, one in Greenville, South Carolina, and another in Baton Rouge, Louisiana.
“The supply and demand aspects of Richmond overall were favorable,” Hammond said. “At the time we started our search, there were good occupancies, good rental rates and a growing population of seniors who will eventually need this service.”
Construction should start in October, with completion slated for late next summer. Architectural Design Consultants, a Madison, Wisconsin, firm, is designing the project. Hammond said the company will select the general contractor from local candidates.
Watkins Land LLC, state Sen. John Watkins’ development company, is selling the 7 acres to Memory Care Centers of America. Hammond declined to share the purchase price.
The Watkins Centre includes the 128-acre Westchester Commons shopping center and includes 91 acres of developable land, according to CBRE|Richmond, which is leasing the property.